Independent Bank Group (NASDAQ:IBTX) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Independent Bank Group (NASDAQ:IBTX) posted its earnings results on Monday. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06, Briefing.com reports. Independent Bank Group had a return on equity of 5.76% and a net margin of 4.68%. The firm had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same period in the previous year, the company earned $1.07 EPS. The company’s revenue for the quarter was down 15.3% on a year-over-year basis.

Independent Bank Group Stock Performance

Shares of NASDAQ IBTX opened at $41.87 on Tuesday. The business has a fifty day simple moving average of $43.49 and a 200 day simple moving average of $43.63. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 40.26 and a beta of 1.33. Independent Bank Group has a one year low of $28.81 and a one year high of $53.25.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Stephens restated an “overweight” rating and issued a $61.00 target price on shares of Independent Bank Group in a report on Tuesday, January 23rd. Raymond James boosted their target price on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. StockNews.com upgraded Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Truist Financial cut their price target on Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a report on Monday, April 1st. Finally, Keefe, Bruyette & Woods upped their price target on Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.20.

About Independent Bank Group

Independent Bank Group, Inc, through its subsidiary, Independent Bank provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.